Pasadena Real Estate

My emphasis on this Pasadena real estate blog has been to provide both home buyers and home sellers the most up to date data of what is going on in our local real estate market.  Recently, I've been mentioning that multiple offers have been prevalant in Pasadena and surrounding neighborhoods.  Also, as the home buyers that I work with know, pre-approval with several direct lenders is critical to the success of winning your home purchase bid.

The question does come up though - Will my Credit or FICO score take a hit if I get pre-approved with multiple lenders?

Some home buyers are concerned that multiple applications will hurt their credit scores.  Rightfully so!  If not done correctly, you may see a bit of a deduction on your FICO Score.

READ MORE:  5 tips to improve your FICO scores

Here's what you absolutely need to know:

Multiple credit inquiries and their timing play a role in your overall FICO score!

Credit score agencies usually group together multiple inquiries for the same type of new loan over a short time period.  This allows home buyers to shor for their interest rate.  However, the duration of that time period varies among different credit scores according to Cynthia Baker, a spokesperson for the Experian credit bureau.

The current FICO score uses rolling 30-day to 45-day "buffers" to group related inquiries, but older generations of the score still in use may have shorter inquiry grouping buffers, according to Craig Watts, a spokesperson for Fair Isaac.

So... if you are shopping for a home for sale, I strongly recommend that you get pre-approved with several direct lenders at about the same time.  My suggestion is that you call your real estate agent's recommended home lenders around the same time, not more than a week apart.  Both home lenders will require the same information for the pre-approval process.  It's easier to just collect the necessary paperwork and forward it to the lenders at the same time. 

Once you find your Pasadena home, you can just make a quick phone call to see who has the best interest rate and concentrate all your attention on the home, condo or townhome that you are purchasing.

Buying property in Pasadena doesn't have to be difficult.  Make sure that you work with a reputable real estate agent who can take you through the process of buying your next home.

Read More:

Getting More House for your $

9 Stupid Things Buyers do to mess up their home purchase

The fastest way to lose your earnest money deposit

Homes for Sale Information:

South Pasadena City Guide

If you are thinking of buying or selling your Pasadena home, condo or townhome, please give us a call for a comprehensive and free consultation. We can be reached at 626-204-3340.

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)204-3340

Incredible opportunity to own a townhome in Pacific Palisades. A rare, corner unit with mountain views!

List Price: $685,000 MLS#: 22129972

Year Built: 1978 Bedrooms/Bathrooms: 2 bedrooms and 2.5 baths

Interior Square Footage Data per Assessor: 1,568

HOA (Home Owner Association) Dues - $431

Parking - 2 car attached garage

Amenities - Pool, Spa, Gym, Tennis Courts, Large Balcony with Mountain Views, Two Patios, Cedar Lined Closet, Lots of Storage, Private Security Company patrolling Complex.

Offered for sale by Irina Netchaev, Real Estate Agent

This hard to find, view townhome offers you the best of both worlds. Set in the micro-climate of Pacific Palisades Highlands, this corner unit offers an incredible opportunity to buy in a private, tranquil setting and be next to the beach, Topanga Hiking Trails, Gladstones Restaurant, Self Realization Fellowship Lake Shrine and just minutes away from the fine dining and shopping of the 3rd Street Promenade in Santa Monica!

Set in a tranquil and peaceful environment with winding pathways, lush greenery, pool & spa, sauna, gym, and tennis courts. This oasis is just minutes from the beach, 3rd Street Promenade and hiking trails. Light and bright, this home offers a living room with cathedral ceilings, a fireplace and balcony where you can enjoy mountain views. A formal dining room leads to the kitchen with its own breakfast area and a slider opening to a private patio.

A huge master bedroom suite with a cedar lined walk-in closet, full bath and a sitting area. A wonderful patio connects the Master Suite with the second bedroom serviced by a 3/4 bath. Incredible views and modern architecture! This corner unit is 2 bedrooms and 2.5 baths, perfect for enjoying California living with over-size patio and balcony.

For additional questions about this Pacific Palisades townhome for sale or to request a private showing, please call Irina at 626-204-3340. To search all available homes for sale in the Greater Los Angeles area, please visit www.SearchMLSforFREE.com

As a real estate agent working in and around Pasadena California, I am constantly getting phone calls from buyers looking for great deals and information on the latest real estate prices.

If you are looking for a real estate deal, you came to the right place. I will be posting my "Dusty Deals™" by area on a monthly basis right here for your review.

What is a "Dusty Deal™" list? It is a list of homes for sale in and around Pasadena including homes, condos and townhomes that have been on the market for over 100 days. Are all of these great deals? Not necessarily. BUT, the home seller has been actively marketing their home for a very long time and is probably ready to deal.

Why are these homes on the market still? The most likely reason is that they were overpriced to begin with. The first few weeks of marketing a home for sale are the most critical weeks for any seller. If the property is overpriced, or not marketed correctly, it gets stale. Local real estate agents ignore these homes and avoid showing them to their buyers. Potential home buyers look these homes up on the internet, but wonder what is wrong with these homes since they didn't sell.

My take on this is, if you are looking for a deal, these homes are the best place to start. Why? Home sellers are tired of showing their homes and most are ready to NEGOTIATE their price and SELL!

READ MORE:  South Pasadena Dusty Deals™ for December 2009

Pasadena Dusty Deals for December 2009

Pasadena Condos for Sale and on the Market Over 100 days:

Read more »

http://www.pasadenacarealestatehomes.com/009CB5

There's nothing like a visual representation as to what is going on in Pasadena's real estate market.  The trends are easier to spot, especially when reviewing long term data.  The graph below is for the period of 14 months.  It's interesting to note that May of this year showed a significant turn around in the prices of homes sold at $770,000 on average, almost the same as last year in August.

When reviewing real estate data, always keep in mind that the housing statistics for a particular month show data that is a few months old.  For example, if we are looking at a Pasadena home sale that sold in July of 2009, same house probably was listed for sale sometime in April or May, received an offer and was in an escrow period of 30 to 45 days.

Pasadena Real Estate Home Sales Statistics for June 2009 through August 2009:

As the summer comes to an end, we're seeing less housing inventory coming on the market from the high of 93 new home listings in June to 56 in August.  Number of home sales decreased by about 20% from July to August, but the price per square foot held as well as the average house selling price increased to $779,146.

Overall, I'm seeing a lot of buyers in the $400,000 to 600,000 price range that are looking for Pasadena houses.  As a home comes up that is well priced, multiple buyers bid and multiple situations are quite common.

Data above is from the Pasadena Multiple Listing Service (ITEC).

READ MORE:  Dusty Deals for Pasadena - Homes For Sale

The graph below shows that Pasadena's house inventory is moving towards a seller's market.  A buyer's market is when there is 6 months of inventory or more.  Anythign under 6 months is in the seller's market category.

If you are interested in seeing what homes are available for sale in Pasadena, take a look at real time house listings below.

Read more »

With Station Fire burning for the last week or so, home insurance carriers are taking a strong stand when it comes to providing fire insurance to Pasadena home buyers. 

A United States Forest Service air tanker drops fire retardant next to a line of fire as the Station fire burns in the hills above a home in Acton last night (AP Photo/Dan Steinberg)

One of the conditions of getting a home loan is to provide evidence of fire insurance.  Certain insurance carriers have advised home buyers that they are no longer writing insurance policies in certain zip codes until the Station Fire is out. 

If you found a home and are currently in escrow with an anticipated closing date over the next few weeks, your closing might be affected.  I currently have several home buyers in this situation.  One of my buyers, who is buying a house in La Crescenta which is closer to the fire, was able to get the carrier to issue a home policy by increasing their deductable temporarily.  Once the Station Fire is over, they will lower the deductible to the original policy agreement.

Another one of my home buyers, who is buying in the San Rafael hills of Pasadena, has been told that the entire zip code is not eligible for new insurance policies.  Even though, this home is totally away from the fire zone and has not even come close to being evacuated.

So, if you are buying a home in Pasadena, La Crescenta, La Canada, Glendale and other fire affected cities, please contact your insurance carrier immediately to ensure that you will be able to get fire hazard policy and your home closing will not be affected.

Read More:

The fastest way to lose your earnest money deposit

9 Stupid Things Buyers do to Mess Up their House Purchase

Save Thousands of $s with Home Inspections

Pasadena Real Estate Guide